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NEO Technical Analysis: Price Below the Fibonacci Pivot Point of $61.496

NEO Technical Analysis: Price Below the Fibonacci Pivot Point of $61.496

Rate this post NEO aims to make finance decentralized for the upcoming generation and create a new digitized economy. It was China’s first-ever public blockchain when it was launched in the year 2014. Constant development in the technology is NEO’s key selling point as the new technology NEO 3.0 focuses on a greater number of transactions per second. The NEO technical analysis is as follows: Past Performance On May 27, 2021, NEO opened at $62.51. On June 2, 2021, NEO closed at $57.74. Thus, in the past week, the NEO price has decreased by approximately 7.63%. In the last 24 hours, NEO has traded between $53.82-$61.42. https://www.tradingview.com/x/J6OBoz2V/ Day Ahead And Tomorrow Currently, NEO is trading at $60.90. The price has increased from the day’s opening price of $57.74. Thus, the buying pressure in the market seems strong. The MACD and signal lines are positive. Moreover, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is bullish. Hence, the price may continue to rise further. Currently, the RSI indicator is at 66%. It faced rejection at 55% and rose to this level. Thus, buying pressures are slowly mounting. The OBV indicator is currently rising upward. Thus, buying volumes are dominating the selling volumes. High buying activity will neglect the downside pressure on the NEO price, and it will continue to rise. In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if the price continues to rise in the positive trend. If the price breaks the support level of the trend line we’ll be in a downtrend. NEO Technical Analysis Currently, the price is below the Fibonacci pivot point of $61.496. If the buying pressure remains strong till day end, then the price is likely to break the resistance level at $61 and will highlight the next resistance level of $63.72 according to FIB. The price has been tested and fallen below the 23.6% FIB retracement level of $61.4. If the bears take over, then it may soon test the 38.2% FIB retracement level of $60.115. Thereafter, we have to wait and watch if the price retests and breaks down these levels. In that case, the price downswing is likely to continue tomorrow as well.

The post NEO Technical Analysis: Price Below the Fibonacci Pivot Point of $61.496 appeared first on Cryptoknowmics-Crypto News and Media Platform.

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NEO aims to make finance decentralized for the upcoming generation and create a new digitized economy. It was China’s first-ever public blockchain when it was launched in the year 2014. Constant development in the technology is NEO’s key selling point as the new technology NEO 3.0 focuses on a greater number of transactions per second. The NEO technical analysis is as follows:

Past Performance

On May 27, 2021, NEO opened at $62.51. On June 2, 2021, NEO closed at $57.74. Thus, in the past week, the NEO price has decreased by approximately 7.63%. In the last 24 hours, NEO has traded between $53.82-$61.42.

https://platoblockchain.net/wp-content/uploads/2021/06/neo-technical-analysis-price-below-the-fibonacci-pivot-point-of-61-496.png

https://www.tradingview.com/x/J6OBoz2V/

Day Ahead And Tomorrow

Currently, NEO is trading at $60.90. The price has increased from the day’s opening price of $57.74. Thus, the buying pressure in the market seems strong.

READ  Turkish Crypto Exchange Thodex Precipitously Halted Trading, Customers Fear a Rug Pull

The MACD and signal lines are positive. Moreover, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is bullish. Hence, the price may continue to rise further.

Currently, the RSI indicator is at 66%. It faced rejection at 55% and rose to this level. Thus, buying pressures are slowly mounting.

The OBV indicator is currently rising upward. Thus, buying volumes are dominating the selling volumes. High buying activity will neglect the downside pressure on the NEO price, and it will continue to rise.

In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if the price continues to rise in the positive trend. If the price breaks the support level of the trend line we’ll be in a downtrend.

READ  3 key Changes Coming to NEO 3.0 in 2020

NEO Technical Analysis

Currently, the price is below the Fibonacci pivot point of $61.496. If the buying pressure remains strong till day end, then the price is likely to break the resistance level at $61 and will highlight the next resistance level of $63.72 according to FIB.

The price has been tested and fallen below the 23.6% FIB retracement level of $61.4. If the bears take over, then it may soon test the 38.2% FIB retracement level of $60.115. Thereafter, we have to wait and watch if the price retests and breaks down these levels. In that case, the price downswing is likely to continue tomorrow as well.

#Neo

Source: https://www.cryptoknowmics.com/news/neo-technical-analysis-price-below-the-fibonacci-pivot-point-of-61496-buying-pressure-strong-till-day-end/

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50,000 electric vehicle charging stations in Europe to offer crypto payments

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Two payments firms have partnered to roll out crypto payments across 50,000 electric vehicle (EV) charging stations in Europe.

The partnership is between Irish e-commerce and mobile payment solutions firm HIPS Payment Group Ltd and Vourity, a Swedish firm that specializes in unattended payment facilities such as EV charging stations.

The integration of crypto payments with charging stations will occur over the next three years starting from November 2021.

The firms haven’t revealed which cryptocurrencies will be supported yet, but Vourity has dropped a pretty strong hint that Ethereum is likely to be among the first after it released an image of a payment terminal with an ETH logo on it. Ethereum is moving to the much more energy efficient Proof-of Stake consensus mechanism in the next year, which could mitigate any backlash among environmentally conscious EV drivers.

“We are currently evaluating what cryptos/coins we will support. It will be converted to fiat,” stated Hans Nottehed, the CEO of Vourity.

Vourity payment terminal, with an ETH logo

Crypto payments will be integrated with Vourity’s EV charging stations by connecting to the blockchain via Hips Merchant Protocol’s native protocol token Merchant Token.

Back in May, HIPS Payment Group launched the HIPS Merchant Protocol, the HIPS Merchant Protocol Gateway, and its governing Merchant Token.

The protocol was built on Ethereum and Solana in May 2021 and plans to expand support to Cardano in the future.

“With near real-time transaction speeds, in addition, the Hips Merchant Blockchain is designed for merchant transactions regardless if they are mobile, instore or e-commerce and utilizes the interchange concept from the payment card industry,” HIPS noted in May.

Related: Blockchain-based EV charging trial gets $1M from Canadian government

EV crypto innovation

Tesla famously did a U-turn on accepting Bitcoin (BTC) payments for vehicles, with Elon Musk noting the firm won’t change course until the mining sector is at least 50% powered by clean energy. Other EV-focused firms have sought ways to innovate using  “clean” crypto mining and adoption.

At the beginning of this month, Canadian light EV manufacturer Daymak announced an upcoming EV set for 2023, that is fitted with a crypto mining rig that can mine Bitcoin and other cryptocurrencies while it’s charging or parked.

In March, Stellantis, the parent company of European car manufacturer Fiat, partnered with Kiri Technologies, to promote an “eco-driving style,” by rewarding Fiat EV drivers in cryptocurrency via Kiri Technologies’ KiriCoin.

In that same month, Volkswagen Group Innovation, the research department of German car Volkswagen, announced a partnership with Energy Web, a non-profit organization focused on open source energy transition.

The duo teamed up to research methods of using EV’s and charging stations as part of the power grid using blockchain.

Jesse Morris, the chief commercial officer of Energy Web, spoke with Cointelegraph and emphasized the benefits of tracking the integration between EVs, charging stations, and power grids using blockchain.

Morris mentioned that during times of local grid congestion, Volkswagen drivers could be incentivized not to charge by being paid out in crypto or fiat. Additionally, utility providers could pay EV drivers to store energy during times of excess generation on the power grid.

50,000 electric vehicle charging stations in Europe to offer crypto payments

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Source: https://blockchainconsultants.io/50000-electric-vehicle-charging-stations-in-europe-to-offer-crypto-payments/?utm_source=rss&utm_medium=rss&utm_campaign=50000-electric-vehicle-charging-stations-in-europe-to-offer-crypto-payments

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Why this ‘Biggest Bitcoin challenge’ is a bonus

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Bitcoin‘s rising popularity with institutions and investment professionals such as BlackRock CEO Larry Fink and hedge fund legend Stanley Druckenmiller has helped Bitcoin stand its ground against Gold. Considering the former’s prospects as a scarce store-of-value over the latter, a war of words often emerges between gold bugs and the bitcoin community.

While many Bitcoin proponents saw Bitcoin as Digital Gold or Gold 2.0, Peter Schiff, (of Euro Pacific Capital) one of the loudest proponents of gold, maintained his skepticism towards bitcoin.

The latest war (of words) on Twitter resurrected the age-old debate of Bitcoin vs gold. Billionaire investor and entrepreneur Mark Cuban and Oliver Renick, Gold bug (from TD Ameritrade), exchanged their thoughts on both assets.

In a tweet, Renick slammed Bitcoin’s comparison to digital gold because “Bitcoin is making no discernable progress towards digital gold. Why are we still assuming it will at some point in the future?”

The Shark Tank star responded, by stating a few reasons why bitcoin was indeed better than gold.

“Its BETTER than gold. No worries about storing it. Easy to transfer. Easy to trade. Easy to convert. Doesn’t require an intermediary. Can be fractionalized. Biggest BTC challenge? No William Devane type commercials and all the people who believe gold is an inflation hedge.”

TD Ameritrade’s Oliver Renick, in response to Cuban, stated that he doubted Bitcoin’s progress by adding that bitcoin’s ‘relationship with real interest rates was as random as it was on day 1 ten years ago’.

Source: Oliver Renick| Twitter

In a report published by Renick recently, he opined:

“See any trends? Me neither. It looks completely random with no trend over the past nine years of data; sometimes positive, sometimes negative. But what’s most important here is that it’s not getting more negative over time. “

Cuban responded:

“Gold is useless, pretty much across the board, but particularly as a hedge. BTC is a digital asset that is similar to gold because they both are driven exclusively by supply and demand. BTC does a better job with both,”

Gold, according to, Renick was remarkably consistent in its negative correlation with real interest rates i.e., its utility. He added ‘Until BTC does something resembling this, not sure why we call it gold. At least from a financial sense,’

Source: Oliver Renick| Twitter

Following this argument, Cuban acknowledged one aspect: even though Gold at the press time had more demand than Bitcoin, the narrative will flip; he stated:

“So are a lot of assets including stocks. That isn’t a utility. That’s supply and demand. Gold has more demand. IMO, that will change going forward. Why? Because BTC is easier to transact. In the time it will be better understood and marketed and the gold market will shrink.”

Reality Check: BTC vs Gold

Philipp Sandner from Frankfurt School Blockchain Center made a comparison between three assets: Gold, Bitcoin and Fiat (euro),

Source: Medium


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Source: https://ambcrypto.com/why-this-biggest-bitcoin-challenge-is-a-bonus

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Bitcoin: What does this mean for the ‘trapped bulls’?

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Bitcoin, the world’s largest cryptocurrency has been bleeding for quite a while now as bears overtook the bull. As things stand, it was trading just above the $33k mark with a correction of about 2% in the last 24 hours. BTC witnessed a major decline in its volume as well, a 44.5% plunge within the same period. Earlier this week, Bitcoin plunged to a five-month low of $28,600.

As per On-chain analysis platform Glassnode: ‘Bitcoin Amount of Supply Last Active 1w-1m (1d MA) just reached a 7-month low of 985,098.597 BTC.’

Source: Glassnode

To add to this bearish sentiment, the ‘Big Short’ famed investor, Michael Burry recently tweeted a word of caution.

Last week, to add to his bearish narrative, Burry warned his followers about the “mother of all crashes” in a now-deleted tweet.

Continuing the same thread, he added:

“All hype/speculation is doing is drawing in retail before the mother of all crashes. FOMO Parabolas don’t resolve sideways; When crypto falls from trillions, or meme stocks fall from tens of billions, MainStreet losses will approach the size of countries. History ain’t changed.”

Furthermore, he stated:

“The problem with Crypto, as in most things, is the leverage. If you don’t know how much leverage is in crypto, you don’t know anything about crypto, no matter how much else you think you know,”

Robert Kiyosaki, the best-selling author of ‘Rich Dad Poor Dad,’ too had similar speculations against the largest crypto token.  According to his tweet, he cautioned his followers about the crash in world history. He stated: “The biggest bubble in world history getting bigger. The biggest crash in the world history coming…”

In contrast, Crypto bull, and analyst, Michael van de Poppe didn’t see any cause for alarm with the current scenario. He stated:

“Consolidation on the markets, that’s completely fine.”

Another crypto enthusiast, a few weeks ago published a post directed at Burry, contradicting the latter’s views.


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Source: https://ambcrypto.com/bitcoin-what-does-this-mean-for-the-trapped-bulls

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